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IMH Impac Mortgage

Impac Mortgage Holdings, Inc. engages in the provision of mortgage and real estate solutions. It operates through the following segments: Mortgage Lending, Real Estate Services, and Long-Term Mortgage Portfolio. The Mortgage Lending segment offers mortgage lending product through lending channels, retail, wholesale and correspondent, retains mortgage servicing rights, and warehouse lending facilities. The Real Estate Services segment performs servicing, and provides loss mitigation services for securitized long-term mortgage portfolio. The Long-Term Mortgage Portfolio segment consists of residual interests in securitization trusts. The company was founded by Joseph R. Tomkinson in August 1995 and is headquartered in Irvine, CA.

Company profile

Ticker
IMH, IMPHP, IMPHO
Exchange
CEO
George A. Mangiaracina
Employees
Incorporated
Location
Fiscal year end
Former names
IMPERIAL CREDIT MORTGAGE HOLDINGS INC
SEC CIK
IRS number
330675505

IMH stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 Mar 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 59.75M 59.75M 59.75M 59.75M 59.75M 59.75M
Cash burn (monthly) 477K (positive/no burn) (positive/no burn) 7.45M (positive/no burn) (positive/no burn)
Cash used (since last report) 1.64M n/a n/a 25.58M n/a n/a
Cash remaining 58.11M n/a n/a 34.17M n/a n/a
Runway (months of cash) 121.8 n/a n/a 4.6 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 21 Pickup Richard H Common Stock Buy Aquire P Yes No 2.01 4,172 8.39K 3,400,000
1 Apr 21 Trust, dated May 31, 2011 RHP Common Stock Buy Aquire P No No 2.01 4,172 8.39K 3,400,000
31 Mar 21 Pickup Richard H Common Stock Buy Aquire P Yes No 2.0048 23,213 46.54K 3,395,828
31 Mar 21 Trust, dated May 31, 2011 RHP Common Stock Buy Aquire P No No 2.0048 23,213 46.54K 3,395,828
30 Mar 21 Pickup Richard H Common Stock Buy Aquire P Yes No 2.0313 14,000 28.44K 3,372,615
30 Mar 21 Trust, dated May 31, 2011 RHP Common Stock Buy Aquire P No No 2.0313 14,000 28.44K 3,372,615
29 Mar 21 Pickup Richard H Common Stock Buy Aquire P Yes No 2.0059 18,050 36.21K 3,358,615
29 Mar 21 Trust, dated May 31, 2011 RHP Common Stock Buy Aquire P No No 2.0059 18,050 36.21K 3,358,615
26 Mar 21 Pickup Richard H Common Stock Buy Aquire P Yes No 2.01 19,233 38.66K 3,340,565
26 Mar 21 Trust, dated May 31, 2011 RHP Common Stock Buy Aquire P No No 2.01 19,233 38.66K 3,340,565

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

17.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 30 27 +11.1%
Opened positions 6 1 +500.0%
Closed positions 3 4 -25.0%
Increased positions 7 5 +40.0%
Reduced positions 9 9
13F shares
Current Prev Q Change
Total value 13.8M 3.56M +287.7%
Total shares 3.74M 2.8M +33.6%
Total puts 0 0
Total calls 10K 0 NEW
Total put/call ratio
Largest owners
Shares Value Change
HighTower Advisors 837.77K $2.55M 0.0%
Talkot Capital 474.45K $835K NEW
Philadelphia Financial Management of San Francisco 452.64K $1.38M +11.1%
Vanguard 448.54K $1.36M -0.0%
MS Morgan Stanley 281.27K $855K -2.0%
Pickup Todd M 234.4K $713K NEW
Renaissance Technologies 181.84K $553K +188.5%
Bridgeway Capital Management 177.48K $540K -12.0%
Beacon Pointe Advisors 129.84K $395K +16.5%
Geode Capital Management 90.2K $274K 0.0%
Largest transactions
Shares Bought/sold Change
Talkot Capital 474.45K +474.45K NEW
Pickup Todd M 234.4K +234.4K NEW
Renaissance Technologies 181.84K +118.8K +188.5%
Manatuck Hill Partners 54.78K +54.78K NEW
Aj Wealth Strategies 46.83K +46.83K NEW
Philadelphia Financial Management of San Francisco 452.64K +45.11K +11.1%
Millennium Management 0 -26.47K EXIT
Bridgeway Capital Management 177.48K -24.3K -12.0%
Beacon Pointe Advisors 129.84K +18.42K +16.5%
Citadel Advisors 27.17K +11.7K +75.6%

Financial report summary

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Risks
  • Our long-term success is primarily dependent on our ability to increase the profitability of our mortgage originations.
  • If we are unable to satisfy our debt obligations or to meet or maintain the requisite financial covenant requirements with our lenders, our financial condition and results of operations may be materially and adversely effected.
  • Further spread of COVID-19 or any mutations thereof could negatively impact the availability of key personnel necessary to conduct our business.
  • The continued impact of the pandemic could negatively impact the availability of key third party service providers necessary to conduct our business and the ability of counterparties to meet contractual obligations to us.
  • Our use of financial leverage exposes us to increased risks, including breaches and additional potential breaches of the financial covenants under our borrowing facilities, which could result in our being required to immediately repay all outstanding amounts borrowed under these facilities and these facilities being unavailable to use for future financing needs, as well as triggering cross-defaults under other debt agreements.
  • The use of alternative exit strategies subjects us to risk associated with the potential limitation or elimination of delivery options to counterparties which has had and could continue to have a material adverse effect on our financial condition, results of operations and cash flows.
  • The success and growth of our business will depend upon our ability to adapt to and implement technological changes.
  • Our performance may be adversely affected by the performance of parties who service or sub-service our mortgage loans.
  • Our NonQM product offerings may expose us to a higher risk of delinquencies, regulatory risks, foreclosures, counterparty risk and losses adversely affecting our earnings and financial condition.
  • Cybersecurity risks, data privacy breaches, cyber incidents and technology failures may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • Inability to successfully complete securitizations, or delayed mortgage loan sales or securitization closings, could result in a liquidity shortage which would adversely affect our operating results.
  • We may not be able to access financing sources on favorable terms, or at all, which could adversely affect our ability to implement and operate our business as planned.
  • Our hedging strategies implemented by our mortgage lending operations may not be successful in mitigating our risks associated with the market movement of interest rates.
  • A decline in the unpaid principal balance of the servicing portfolio and the related estimated fair value of the MSRs could adversely affect our net earnings, financial condition, future servicing fees and our ability to borrow on our MSR financing facilities.
  • Our ability to utilize our net operating losses and certain other tax attributes may be limited.
  • Representations and warranties made by us in our loan sales, servicing rights sales and securitizations may subject us to liability.
  • The geographic concentration of our mortgages increases our exposure to risks in those areas.
  • Our vendor relationships subject us to a variety of risks.
  • If we are forced to liquidate, we may have few unpledged assets for distribution to unsecured creditors or equity holders.
  • If we fail to maintain effective systems of internal control over financial reporting and disclosure controls and procedures, we may not be able to report our financial results accurately or prevent fraud, which could cause current and potential stockholders to lose confidence in our financial reporting, adversely affect the trading price of our securities or harm our operating results.
  • Our earnings may decrease, or losses increase, because of changes in prevailing interest rates.
  • The pandemic has impaired and may continue to impair the ability of borrowers to repay outstanding loans or other obligations, resulting in increases in forbearances and/or delinquencies, which could negatively impact our business.
  • A decline in real estate values may have a material adverse effect on our financial condition and results of operation.
  • Our business is affected by changes in the state of the general economy and the financial markets, and a slowdown or downturn in the general economy or the financial markets could adversely affect our results of operations.
  • Litigation in the mortgage industry related to securitizations against issuers, sellers, servicers, originators, underwriters and others may adversely affect our business operations.
  • Loss or suspension of our approvals, or limitations placed on our delivery volume, or the potential limitation or wind-down of, the role Fannie Mae, Freddie Mac and Ginnie Mae play in the residential mortgage-backed security (MBS) market have had, and could continue to have, an adverse effect on our business, operations and financial condition.
  • Regulatory laws affecting our operations, or interpretations of them, may affect our mortgage lending operations.
  • The CFPB continues to be active in its monitoring of the loan origination and servicing sectors, and its rules increase our regulatory compliance burden and associated costs.
  • Our share price has been and may continue to be volatile and the trading of our shares may be limited.
  • Issuances of additional shares of our common stock may adversely affect its market price and significantly dilute stockholders.
  • We do not expect to pay dividends in the foreseeable future and we may be restricted in paying dividends on our common stock.
  • Our principal stockholders beneficially own a large portion of our stock, and accordingly, may have control over stockholder matters and sales may adversely affect the market price of our common stock.
  • Provisions in our charter documents and Maryland law, as well as our NOL Rights Plan, impose limitations that may delay or prevent our acquisition by a third party.
Management Discussion
  • For the year ended December 31, 2020, net loss was $88.2 million, or $4.15 per diluted common share, as compared to net loss of $8.0 million, or $0.38 per diluted common share in 2019.  For the quarter ended December 31, 2020, net loss was $2.2 million, or $0.10 per diluted common share, as compared to net loss of $677 thousand, or $0.03 per diluted common share in the fourth quarter of 2019, and net earnings of $1.6 million, or $0.08 per diluted common share, in the third quarter of 2020.  
  • Our financial results for the year ended December 31, 2020 were significantly impacted by the effects of the pandemic, which ultimately led to the previously disclosed temporary suspension of our lending activities during the second quarter of 2020.  Net loss for the year ended December 31, 2020, increased to $88.2 million primarily due to a significant loss on sale of loans, net in the first quarter of 2020, as well as mark-to-market decreases in fair value of our MSRs, as a result of the significant decline in interest rates as a result of the pandemic.  The $84.8 million decrease in gain on sale of loans, net was primarily due to the remarking of our NonQM position in the first quarter of 2020, as a result of substantial widening of spreads on credit assets and a reduction in available liquidity to finance credit assets, due to potential pandemic related payment delinquencies and forbearances, causing a severe decline in the values assigned by investors and counterparties for our NonQM position.  In addition to the remarking of our NonQM position, which decreased margins to 51 basis points (bps) as compared to 217 bps in 2019, the decrease in gain on sale of loans, net in 2020 was also partially due to origination volumes decreasing to $2.7 billion as compared to $4.5 billion in originations in 2019, as a result of our temporary suspension of lending activities during the second quarter of 2020.  Other (expense) income increased as compared to 2019 due to a decrease in loss on change in fair value of net trust assets, including REO trust losses and a decrease in fair value on our long-term debt, partially offset by a decrease in net interest spread as a result of the current interest rate environment.
  • For the year ended December 31, 2020, core loss before tax (as defined below) was $58.7 million, or $2.76 per diluted common share, as compared to core earnings before tax of $15.8 million, or $0.75 per diluted common share, in 2019.  For the quarter ended December 31, 2020, core earnings before tax were $3.3 million, or $0.16 per diluted common share, as compared to core earnings before tax of $1.8 million, or $0.08 per diluted common share, for the fourth quarter of 2019, and core earnings before tax of $4.4 million, or $0.21 per diluted common share, for the third quarter of 2020.
Content analysis
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